Tricorn Group TCN Contract Loss

Tricorn Group (TCN) - Contract Loss
RNS Number : 2145Q
Tricorn Group PLC
02 November 2012
﻿
2 November 2012
Tricorn Group Plc
("Tricorn" or the "Group")
Contract Loss
Tricorn Group plc (AIM:TCN.L), the AIM listed tube manipulation specialist,
announces that it has been informed that Rolls-Royce is not intending to renew
or extend the supply agreement with its subsidiary, RMDG Aerospace, that
expires on 31^st December 2012.
The supply agreement relates to the ongoing supply of pipe assemblies and
accounted for approximately 11% of the Group's revenue as reported in its
financial statements for the year ended 31 March 2012.
Mike Welburn, Chief Executive of Tricorn, commented:
"We are extremely disappointed to be advised of this decision. We have
continued to improve operational performance within the business and remain
committed to the aerospace sector. We have a healthy pipeline of new
opportunities and will be working hard to replace this lost volume as quickly
as possible."
The impact of this contract loss on full year earnings is under evaluation at
present and the Group will provide a further update at the time of the release
of its unaudited interim results for the six months ended 30 September 2012,
which is expected to be on 3 December 2012.
For further information please contact:
Tricorn Group plc Tel +44 (0)1684 569956
Mike Welburn - Chief Executive www.tricorn.uk.com
Phil Lee - Group Finance Director
Westhouse Securities Limited Tel + 44 (0)20 7601 6100
Tom Griffiths - Corporate Finance
Henry Willcocks - Corporate Broking
Winningtons Tel + 44 (0)20 3176 4722
Tom Cooper / Paul Vann Tel + 44 (0)797 122 1972
tom.cooper@winningtons.co.uk
Notes to Editors:
Tricorn is a value added manufacturer and specialist manipulator of pipe and
tubing assemblies to niche markets worldwide in the Energy & Utilities,
Transportation and Aerospace sectors.
Headquartered in Malvern, UK, Tricorn employs around 300 employees and
operates through four brands: MTC; Redman Fittings; Maxpower and RMDG
Aerospace.
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTBBBDBRGGBGDD -0- Nov/02/2012 11:10 GMT